Author: Mel Chamber

The European Commission’s proposal for a Cyber Resilience Act is a welcome first step in finding collective solutions towards enhanced cybersecurity

The Malta Business Bureau (MBB) held an informative webinar discussing the details of the EU Cyber Resilience Act (CRA) and the new requirements for businesses. The European Commission’s CRA proposal marks the first comprehensive step in finding collective solutions towards enhanced cybersecurity at EU-level.

MBB President Alison Mizzi introduced the session and outlined how ”over the years, high-profile cyberattacks have created billions of euros in damages, many times to companies, and remain an existing threat. To this end, the European Commission’s proposal for a Cyber Resilience Act is a welcome first step in finding collective solutions towards enhanced cybersecurity.” She continued to explain that ”this legislation will go beyond the security of just services to also take into consideration goods in protecting both consumers and businesses from products that have inadequate security features.”

In her intervention, Dr. Marthese Portelli, CEO at The Malta Chamber accentuated the vital role of technology within all companies. She said that “Digitalisation and infrastructure are a main policy pillar for the Chamber. Cyber security and cyber resilience are important aspects that businesses should be looking into, both to ensure compliance with the law but also to minimize their risk.” She went on to explain that The Malta Chamber is taking a 2-pronged approach to support their members – firstly by raising awareness with manufactures, importers and distributors on their responsibilities and implications when selling products of digital elements; secondly by raising more awareness amongst the business users on the importance of market preparedness including being aware of technological developments and the importance of cybersecurity.

Dr Sarah Cannataci, Associate at Fenech and Fenech Advocates gave a detailed presentation on the CRA from a legal perspective. Dr. Cannataci explained that ”given the cross-border nature of cybersecurity, a joint action at EU level is required in tackling an emerging fragmented framework of potentially diverging national rules which risk hampering an open and competitive single market for products with digital elements.” She also explained how the CRA has four specific objectives: (1) to have manufacturers ensure the security of a product throughout its whole lifecycle, (2) to have a coherent cybersecurity framework in facilitating compliance, (3) to enhance the transparency of security properties for products with digital elements and (4) ensure that businesses and consumers are able to use products with digital elements securely.

The webinar was attended by operators from the manufacturing and retail sectors dealing with Internet of Things (IoT) and digital products that are both wired and wireless as well as non-embedded software. Other interventions were made by officials from the Ministry for the Economy, European Funds and Lands, and Eurochambres, the Association of European Chambers of Commerce. The session is available to be viewed from the MBB’s website and YouTube channel.

For further information on the Cyber Resilience Act, please contact the Malta Business Bureau on infobrussels@mbb.org.mt.

The WE MAKE project continues to bring together key players in industry to offer an innovative vision towards greener industry

The Malta Chamber, EWA, AND MBB hosted a session on Energy Monitoring in Manufacturing, bringing together institutions and leading businesses to share best practices and highlight funding opportunities. STMicroelectronics and Seifert showcased their energy monitoring systems in operation, indicating the savings obtained and the procedures and best practices. Malta Enterprise and the Measures & Funds Division afterwards explained some key funding opportunities of direct relevance to energy monitoring. This is the sixth event of the WE MAKE project, an initiative established to encourage the uptake of energy efficiency measures in local manufacturing companies.

Incorporated into the discussion, the companies covered ISO as one of the topics. STMicroelectronics showcased its ISO 50001 management system. It provides requirements for establishing, managing, and improving energy consumption and efficiency. It is designed to be compatible and harmonised with other similar standards such as ISO 14001, which Seifert possesses. ISO 50001 assists facilities in the evaluation and prioritization of new technologies and better handling energy use and consumption, creating transparency and improved communication. It also entails a framework for increased energy efficiency through the supply chain. STMicroelectronics also emphasised the importance of internally set KPIs, energy meters and best practices such as weekly monitoring procedures and comparing consumption with production. With a target of being carbon neutral by 2027, STMicroelectronics is considering not only Scope 1 emissions, but also Scope 2 & 3, which imply that the company considers not only its direct emission but also those in its value chain.

Seifert’s journey towards greener operations results from various energy monitoring initiatives. Its targeted monitoring activities, such as on specific machines such as its vacuum furnace and compressed air system, allowed the company to identify how one old machine alone accounted for 19.5% of the company’s annual energy bill. As a result, the company opted for a new machine system. Through application of Industry 4.0 principles, a new intelligent sheet metal management system by Seifert will allow full traceability of components and resources and enable the most efficient possible operation. Scrap and waste will be minimised due to the optimal nesting system. Seifert’s ISO 9001 and ISO 14001 certification are a core component of their process of continuous improvement.

Having provided inspiration for project ideas and improvements, the WE MAKE project then invited Malta Enterprise and the Measures & Support Division to showcase their schemes. Between them, there was scope to pursue sustainable digitalisation. In other words, the implementation of energy monitoring systems or Industry 4.0 software to increase efficiency and thus also competitiveness. Further information may be found on their respective websites.

Aiming to hold a monthly workshop from now until the end of July, the WE MAKE project continues to bring together key players in industry to offer an innovative vision towards greener industry.

In continuing its support for family businesses The Malta Chamber of Commerce, Enterprise and Industry holds an event on preparing family businesses to face the challenges ahead.

On Wednesday, The Malta Chamber Family Business Committee held a business conference entitled “Charting the Course for Your Family Business” in which a number of speakers and panellists discussed the results from a survey that was published during this conference. Over 100 family businesses participated in this survey.

Speaking about one of the main themes emerging from the event, Marisa Xuereb, President of The Malta Chamber said, “The survey results make for some alarming reading, with many of our family businesses falling short of implementing basic and vital elements of good governance which are a necessity for their continued success. I hope that one of the outcomes of today’s event is that we start the process of rectifying this situation for our collective good.”

The President’s sentiments were echoed by Mr. Silvan Mifsud, Chair of The Malta Chamber’s Family Business Committee, as he presented the survey results and delivered his analysis. “The challenging external environment means that Family Businesses need to shape up to grow and survive. The survey undertaken with over 100 different family businesses outlines the areas which require improvement and adjustment of priorities.”

“The government understands that the continuity of family businesses is essential, but not necessarily easy and often requires family business owners to make choices and take decisions which are difficult. This may lead to further hurdles which go beyond any day-to-day work that any other business would need to face,” Enterprise Minister Miriam Dalli said.

“We also understand that the process of succession and continuity of businesses does not happen overnight. It takes time, pain staking efforts and strong relationships which aren’t always easy to nurture in view of the internal dynamics underlying each and every family business. It is for this reason that a long-term strategy is required to understand the needs of family businesses and to identify support is needed the most.”

Dr. Joseph Gerada, Regulator at the Family Business Office, drew attention to the vital role that family businesses play in the Maltese economy. In his remarks he pointed out that “Facts now show us that family businesses locally have developed, and some have grown to become great businesses over the years. However, it is also clear that this growth requires planning ahead and this is one aspect that family businesses must focus on. This is what we mean by charting your course, it is ensuring the continuity of your business and its continued success”.

The results of the survey show that 17% of family businesses do not have a functioning board of directors, and that almost all of these businesses do not have a written strategic plan. In addition, only a third of all family businesses have a written succession plan, a vital component in the long-term success of any family business.

During the first panel on the importance of good corporate governance and planning, Dr. Marthese Portelli, CEO at The Malta Chamber, discussed the survey results and how they show that many family businesses lie at either end of the corporate governance and strategic planning spectrum. In this respect she pointed out some family businesses have a highly developed governance and planning structure with a succession plan, a functioning board of directors and a strategic plan while almost all of those family businesses with no functioning Board of Directors also have no written strategic plan.

Speaking on the same panel Mr. Kurt Muscat, Senior Advisor, EMCS, spoke about the service that EMCS Advisory together with AIS Environment have developed to give business leaders and owners a 360-degree view of their business. This service, based on the experience and knowledge of the EMCS team, enables businesses to link the various elements within their organisation, understand where they need to improve and ultimately perform better.

The survey also shows that family businesses are starting to list green initiatives and digitalisation amongst their priorities, points which were highlighted during the second panel of the event based on these subjects. Ms. Yasmin Schembri, Senior Consultant at AIS Environment, spoke about the fact that green businesses are not just good for the environment, but they are also cheaper to operate. During the event she spoke about how switching to energy and resource efficient practices is a simple way for businesses to get ahead of their competitors. In this respect she remarked that experts at AIS Environment and EMCS Advisory are skilled at finding the best and simplest solutions to help businesses thrive.

In addition to above mentioned individuals the event was also addressed by Mr. George Debono, CCO at BNF Bank, and Joanna Gatt, Executive Director at Vivian Corporation, all three of whom took part in the first panel discussion. The second panel debate was also addressed by Mr. Reuben Debono, Director at Maypole Holdings Ltd, Mr. Kurt Farrugia, CEO at Malta Enterprise and Hadrian Joseph Sammut, Chief Officer Advisory & Projects at iMovo. Both panel were moderated by Rachel Attard, Head of Media and Communications Strategist at The Malta Chamber.

The event was sponsored by EMCS Advisory and AIS Environment and Supported by BNF Bank, the Family Business Office and iMovo

MBB said that it will continue to work closely with The Malta Chamber to voice Maltese business interests and continue to support our businesses in tapping into opportunities offered by the EU

The Malta Business Bureau congratulates The Malta Chamber of Commerce, Enterprise and Industry on its 175th Anniversary. Throughout the years, during prosperous and challenging times The Malta Chamber has been on the forefront as a leading stakeholder advocating entrepreneurship and ethical business, which are the foundations for a strong and competitive economy that contributes to growth and quality employment.

Congratulating The Malta Chamber, MBB President Alison Mizzi said it was thanks to the vision of The Malta Chamber of Commerce and then Federation of Industry that the Malta Business Bureau was set up way back in 1996, with the aim to assist Maltese businesses prepare for EU membership. “Thanks to the trust and support of The Malta Chamber over these years, the MBB has continued to grow and evolve into the organisation it is today” said Ms Mizzi.

EU policy and legislation bring challenges and opportunities for Maltese businesses. This is why it is very important that companies form part of The Malta Chamber; to strengthen it as an organisation, and to contribute feedback through its structures that is ultimately communicated to the relevant officials in Malta and Brussels.

In conclusion, the MBB said that it will continue to work closely with The Malta Chamber to voice Maltese business interests and continue to support our businesses in tapping into opportunities offered by the EU, for the benefit of the business community and the country’s economy.

The Malta Business Bureau is the EU Advisory organization of The Malta Chamber of Commerce, Enterprise and Industry, and the Malta Hotels and Restaurants Association, and a partner of the Enterprise Europe Network.

AWE has helped more than 16,000 women entrepreneurs around the world to grow their businesses and adapt to new economic realities

During a reception on January 27, U.S. Deputy Chief of Mission Gwendolyn “Wendy” Green and Marisa Xuereb, President of The Malta Chamber of Commerce, Enterprise, and Industry, presented certificates to 42 participants who graduated from the U.S. Department of State’s Academy for Women Entrepreneurs (AWE). The AWE program provides women entrepreneurs around the world with the skills, resources, and networks needed to start and scale successful businesses. Two of the participants excelled in pitching their business proposals, winning a competition for $10,000, as the first prize, and $5,000, as a second prize, that they will invest in their businesses.

In 2022, the U.S. Embassy partnered with The Malta Chamber of Commerce, Enterprise, and Industry to implement the second iteration in Malta of this global entrepreneurship program. AWE supports the U.S. government’s National Strategy on Gender Equity and Equality aimed at advancing women’s economic empowerment globally. Implemented in nearly 90 countries, AWE has helped more than 16,000 women entrepreneurs around the world to grow their businesses and adapt to new economic realities under COVID-19.

Deputy Chief of Mission Green and The Malta Chamber President Marisa Xuereb presented the AWE graduates with certificates and awarded $10,000, as the first prize, and $5,000, as a second prize, in seed funding to the winners of the business plan competition. In brief remarks, Ms. Green said, “I am thrilled to bring this global entrepreneurship program to Malta for the second time and incredibly proud of its success. On behalf of the U.S. Department of State, I would like to congratulate you all. We are impressed with your drive to pursue your ambitions and contribute to building a dynamic, innovative economy.”

In her remarks, Ms. Xuereb said, “We thank the U.S. Embassy for giving The Malta Chamber the opportunity to coordinate this program. The promotion of female entrepreneurship is very much aligned with The Malta Chamber’s ambition to maximize the potential of our human capital. We are very happy to see so many women complete this program successfully and we look forward to seeing them pursue their entrepreneurial ideas and engage with The Malta Chamber in the months and years to come to network and grow.”

Launch of The Malta Chamber’s 175th-anniversary celebrations

Today, The Malta Chamber of Commerce, Enterprise and Industry launched its 175th anniversary celebrations under the patronage of H.E. George Vella President of Malta. During this conference, Prime Minister Robert Abela, Leader of the Opposition Bernard Grech and other distinguished guests were invited.

During her opening speech, President Marisa Xuereb said, “the fact that The Malta Chamber is the only institution established through the Commercial Code of Malta to represent the commercial, mercantile and industrial community of Malta makes it an institution of national importance and burdens its Council members with responsibility that comes out of the law. This Chamber represents the entire commercial, enterprise and industrial community in Malta, from the big to the small.”

She continued by saying that “the credibility and respect that The Malta Chamber enjoys today are a legacy of years of positive work, consistency in principles and objectivity in thinking. That is why we were, still are and continue to rely on the principles of a level playing field, ethics in commercial behavior, protection of the environmental and social responsibilities of businesses, good governance, employing workers within the parameters of the law, decent working conditions for all employees and fiscal morality. This is also why we insist with the authorities for consistent enforcement of our laws.”

The Malta Chamber CEO Dr Marthese Portelli said that, “today we celebrate this journey of one hundred and seventy-five years since The Malta Chamber was founded. A journey in which we have seen the business, commerce and industry grow and develop but also adapt themselves to the challenges and difficulties they encounter, both locally and internationally. The Malta Chamber looks forward with determination to maintain, improve and add to the positive results we have achieved so far. Our members were, still are and will remain at the centre of this organisation.”

Dr Bernard Grech, Leader of the Opposition said that “The Malta Chamber is a key stakeholder in the local business scenario. The ability it has to address challenges faced by the business community and the ability to work in a professional and transparent way, closely with the various governments and parties in the Opposition that we have had over the years makes this organization one of the most effective we have in our country. Work that in various circumstances has also resulted in the business sphere benefiting from a stronger national policy. Work that reflects the importance of The Malta Chamber.”

Prime Minister Robert Abela announced that Cabinet recently approved two schemes intended to incentive renewable & sustainable transition by businesses. The Prime Minister referred to an electoral pledge to introduce right to bank account for businesses and self-employed and said this year we will announce a legislative proposal with regards this initiative.

Dr Abela stated that work is being done in introducing a system that will facilitate the due diligence process however he committed that it will remain robust. The Prime Minister said that Government will continue to ensure certainty and stability, a key to keep on having an environment where businesses grow and a strengthened working sector. The Prime Minister said that this will be done in a period of new priorities including the green and digital transition.

The President of Malta, George Vella, said that through its detailed studies, consultations, and strong statements, The Malta Chamber of Commerce, Enterprise and Industry is like a mirror that reflects the good and less good developments happening in Maltese society. President Vella expressed his appreciation for the Chamber’s work so that Malta not only strengthens its economy and trade but contributes to improving the quality of life with a constructive role in the design of national policies that go beyond the commercial field. “I must mention as an example the importance of themes such as the environment, education, the strengthening of society, multiculturalism, the rule of law and foreign policy when discussing the growth of the economy and the commercial profile of the country,” said President George Vella.

While thanking Ms Marisa Xuereb, President of The Malta Chamber, for her excellent leadership, which continued to strengthen the respect enjoyed by the Chamber, President George Vella encouraged the Chamber of Commerce, Enterprise and Industry so that in the coming years it continues to maintain the sense of independence in its criticism based on facts and not speculation.